The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the fifth consecutive session to a 15-month low on Tuesday, as rates declined across larger vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 61 points to 1,237 points, its lowest level since Sep. 2023.
The capesize index fell 181 points to 1,792 points, hitting its lowest level since Oct. 28.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,500 to $14,863.
Dalian iron ore futures prices advanced for a third straight session on Tuesday to the highest in nearly two months amid expectations of more economic stimulus and seasonal restocking from steelmakers in top consumer China.
The panamax index edged down 4 points to 1,005 points and was down for the thirteenth session in a row, hitting a 16-month low.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $37 to $9,042.
Among smaller vessels, the supramax index was unchanged at 979 points.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Sahal Muhammed)
